Sodium acetate is produced by reacting acetic acid with sodium carbonate. Sodium acetate trihydrate is granular crystalline powder and has acetic odor. Medical & pharmaceutical, leather & textiles, plastic, water, agriculture, and food are some of the key application of the sodium acetate trihydrate and sodium acetate.
The global sodium acetate trihydrate & sodium acetate anhydrous market is estimated to be valued at US$ 1,14,113.8 thousand in 2021 and is expected to exhibit a CAGR of 4.9 % over the forecast period (2021-2028).
Recent Developments:
Figure 1. Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market Value (US$ Mn), by Region, 2020
Asia Pacific (Region) held dominant position in the global sodium acetate trihydrate & sodium acetate anhydrous market in 2020, accounting for 54.9% share in terms of value, followed by North America and Europe, respectively. This Decade observed rapid industrialization in Asia Pacific with FDI being one of the major factor, this industrialization also includes Textile industry and pharmaceutical industries, which generates huge demand for Sodium acetate in the region.
Drivers:
Robust growth in the pharmaceutical industry is projected to propel the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. It is widely used in the electrolytes and warming pads. They are also used as a diuretic agent. Increasing geriatric population is creating a need for healthcare facilities. Hence, growth in the pharmaceutical industry is fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
Growing demand for leather products is predominantly fueling the market growth of the sodium acetate trihydrate & sodium acetate anhydrous. Increasing demand for products such as handbags, footwear, bags, and other leather-based products is driving demand for sodium acetate trihydrate & sodium acetate anhydrous. It is a crucial component of leather tanning chemicals and textile dyeing chemicals. Moreover, an increasing number of leather manufacturing industries around the globe is also expected to foster the market growth. Thus growing demand for leather products is propelling the market growth.
Market Opportunities
Expansion of the chemical industry around the globe due to the increasing production of chemical products is expected to offer lucrative opportunities in the market over the forecast period. According to the Cefic Facts & Figures, global chemical turnover was valued at €3,347 billion in 2018. Global sales increased by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. China leads the market with €1,198 billion in 2018. Thus, robust growth in the chemical industry is projected to foster the market growth.
Increasing use of sodium acetate as a phase changing materials in solar heat systems and thermal energy storage systems is projected to bring new market opportunities. Moreover, it is also used in other applications such as heat pump systems, heat pump systems, waste heat recovery and thermal protection in electronic products. Thus, emerging such application of sodium acetate is projected to foster the market growth of the sodium acetate trihydrate & sodium acetate anhydrous over the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2021: | US$ 1,14,108.2 K |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 4.9% | 2028 Value Projection: | US$ 1,59,331.5 K |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Allan Chemical Corporation, CABB GmbH, Changshu Nanhu Chemical Co., Ltd., Fujian Fukang Pharmaceutical Co., Ltd., Nantong Zhongwang Additives Co., Ltd., Karn Chem Corporation, Niacet Corporation, NOAH Technologies Corporation, Shanxi Xinzhou Chemical Reagent Factory, and Spectrum Chemical Manufacturing Corporation. |
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| Restraints & Challenges: |
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Market Trends
Improving lifestyle of the consumers coupled with the growing awareness regarding the health is driving consumption of the product from the healthcare industry. The overall development of the economy coupled with the growing supply chain of the food products is also contributing to the market growth of sodium acetate trihydrate & sodium acetate anhydrous. All these factors are expected to bolster the demand for sodium acetate over the forecast timeframe.
The growing use of sodium acetate in the agriculture industry is one of the emerging trends in the market. Sodium acetate is used in nematicides as an attractant. Nematicides are a type of pesticide used to kill the worms on plants. Growing adoption of the advanced agricultural practices for enhancing the yield production is expected to boost the demand for pesticides which in turn is creating demand for sodium acetate. Thus, growing agricultural application of sodium acetate is propelling the market growth.
Figure 2. Global Sodium Acetate Trihydrate & Sodium Acetate Anhydrous Market Share, By End Use, 2020
Key Takeaways of the Graph:
Market Restraints
Lack of awareness regarding the benefits of the products is affecting the demand for sodium acetate trihydrate & sodium acetate anhydrous. This factor is hindering market growth over the forecast period.
Availability of the other food preservatives in the market is restricting the use of sodium acetate trihydrate in the food application. Thus, easy availability of other food preservatives are projected to inhibit the market growth.
Competitive Section:
Company Names
Sodium Acetate is one of the most common plasticizers used in the United States and around the world. It's used to extend or add the color, feel, or other qualities to a wide range of products from plastic containers to pharmaceuticals and even metal. The most common is the blue or clear plastic known as the propylene glycol or PEG. Sodium Acetate is added at the end of a polymerization or emulsification step to provide for a homogenous, white, transparent substance that can be poured into mold forms with no separation. It is a fairly inexpensive alternative to gemstones, metals, plastics, and composites.
Sodium Acetate Trihydrate & Sodium Acetate Anhydrous are commonly found together. One example of a product with these ingredients is the PEO compound that is included in many polymer products. Another example is sodium lauryl sulfate (SLS) which is often added as an ingredient to hardener compounds such as polyimide binder resins and polyimide sheets
Market Dynamics:
Robust growth in the pharmaceutical industry and increasing demand for leather products is driving growth of the sodium acetate trihydrate & sodium acetate anhydrous market.
On the other hand, availability of alternative food preservative is expected to hinder growth of the market.
Key features of the study:
Detailed Segmentation:
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